Here's the painted chest from another room. It's a little deeper than a normal chest, but will fit.

Keep the Colonial furniture and paint it and get new hardware for it.

If you want the room to look more beachy, then I'd leave the walls the color they are. I think it's a beautiful blue.

Hang sheer white panels for curtains.

I'm sure you'll balk at this, but painting the floors white would really give it a beachy/cottagy look and feel. Then get new rugs.

Lovely room! I think your inclination to go lighter would change it up beautifully. Love the bed (I have one from Leonard's, too). If you move in the white dresser, put a matelasse or similar on the bed, white bedding, and put up light white draperies (do you need room darkening? Hope not), I think the room will be transformed. You may not even fee; the need to move the chest on chest piece.

I agree with other posters that painting your wooden dresser, chest and night stands (?) and updating the hardware will give you the best return on investment. Change out the draperies and the rug and I'm guessing you won't mind the wall color.

With regard to your bathroom floor, if you aren't planning to get rid of the tile for a while, you could put down peel and stick tiles. They aren't terribly expensive and are a reasonable cosmetic fix for the short term.

Here's a GW link for peel and stick vinyl planks feedback.
http://ths.gardenweb.com/forums/load/flooring/msg0911023312366.html

Here is a link that might be useful: Tile DIY Video

Painting a really good wood, chest on chest? I think you will reduce the value of it by doing that. Sell it on Craig's list as is. Give it to a relative, store it in the attic. At some point you may change your mind and wish you had that nice looking natural wood chest on chest. They're not easy to find and are not cheap.

You have beautiful furniture! I think the idea of the white matelasse coverlet with sheer curtains would really transform your room. I had gray wisp and repainted it in Palladian Blue and what a difference it made! Really cheerful! I would do that before painting your furniture. And maybe a different rug.

I do love the white painted chest you have. Think it would look great in your room. Do check out the PB paint color. It is a beautiful color and gets rid of the gray tone of the gray wisp, which is the problem I had with it too.

I love the Gray Wisp and it goes great with the cottage or beachy look as does the white chest. I like the idea of a white matelassé and white panels and maybe a fabric covered table on one side of the bed. I have a fabric covered table in both my bedroom and family room and I think it really adds something to the room.

Can you tell me what color is on the wall where the painted chest is? It looks like a good neutral.

Tibbrix, I do have off-white linen-y sheers I can put up, as well as a white matelasse coverlet that I use when the comforter gets put away. I've googled photos of painted bedroom furniture, and the ones I've seen in this style don't look that great. Other styles like french, victorian, or swedish look good painted, colonial not so much, I think. On the other hand, I don't have much to lose if I paint and don't like them. Painting the floor isn't an option, as the house is an antique and I'm afraid it would hurt resale.

thanks for the ideas, everyone.
I'm going to drag the dresser upstairs (it weighs a ton) and find someplace to stick the old one (two tons). I do have white soft furnishings, and the windows have 2" white wood blinds that don't show up with the bright sunlight behind them, so privacy and light control aren't an issue.
What style of hardware would you use on these pieces? I thought ring pulls or bails would be an improvement over the chippendale hardware. We won't be changing the bathroom tile, we're planning on downsizing in a couple of years, so I'll have to live with it until then.

Used furniture doesn't sell for much unless it's vintage or antique, so I'd be most likely to find a family member who wants them. I did think about stripping the finish to give them a more antique look. right now they shout "furniture store", though they are very solid and well made.
I actually have a gallon of PB, and tested it in this room, where it look turquoise for some reason.
The color in the living room where the white chest currently lives is Crisp Khaki, BM 234 I think. Used to be called Golden Mist. It's gold-beige with a slight green cast. It worked better with the furniture I had before, and I'm thinking about finding a new color. but that's another post.
Next house is going to be funky enough to allow for more flea market finds and whimsy than this somewhat formal house has been. I've felt limited by the need to be mindful of the preservation and resale aspects of owning this home.

I'd paint the dresser/s, except for the bed.

I personally like these pulls:

I have to say that I really, really like your room, the wall color, fire place, floor. Just those changes you mentioned will really lighten it up. For whatever reason, I can see a colorful pillow on that chair

The pulls Nosoccermom posted are beautiful and classic. I love looking at Anthropologie for drawer pulls, but their selection might be too bohemian for the look you want. You could also do cup type pulls in a shiny chrome like this from Home Depot:

Or frosted glass knobs similar to these from Amazon:

Really, you could choose almost anything.

Oh, love those frosted glass pulls!

Have you thought about transitioning to a British Colonial look which will take you from the American colony look to a more island look, painting some of your furnishings, using baskets and wickers, lively print rugs or layering rugs with a jute and a print. Stacking wicker trunks that you painted either all white or all black, using some wispy tall plants, like palms. Striped rugs, matelasse bedspreads. Do some needlepoint pillows, perhaps some monkey pillows, bird cages, some Chinoiserie pieces, mosquito netting, rattan tables, or stacked suitcases for night stands, shutters instead of curtains/drapes or bamboo blinds, palm ceiling fans and P.S. I love your bathroom color with a British colonial theme.

and big white rug!

I'm not sure why, but I thought of this blogger's MBR when I read your post. Her style would work well with your home's history. I don't believe you should paint your furniture, but rather start with changing out window treatments, rugs and accessories.

Here is a link that might be useful: For the Love of a House MBR

peony, terrific likeness! And look, a big white rug!

but yes, the white drapes and bedding and the taupes and neutrals look great with the dark wood floor.

Lots of great ideas. I think the painted chest looks great in black, and had not thought of going non traditional with the hardware. I do think the British colonial suggestions would provide some much needed texture and interest. And thanks for the link, peony, the room is beautiful. Maybe I can move some furniture from other parts of the house to change it up.
Sometimes it's hard to see the forest for the trees.